Unmoved Fund Policy, the American University in Cairo DRAFT April 9Th 2013
Unmoved Fund Policy, The American University in Cairo DRAFT – April 9th 2013
UNMOVED FUND POLICY
Policy Statement
The policy is aimed to deal with the stale checks as well as unmoved funds due to students, customers, and vendors that were not claimed or collectedby the beneficiaries for a period of limitation. These checks/funds should be removed from the ledger as pending reconciled items and credited to the university revenue account in accordance with this Unmoved Funds Policy.
Reason for Policy/Purpose
The unmoved Funds that were not claimed for more than three years as well as stale checks that were not collected for a period of limitation became expired items and composing credit balances in the university books. These credit balances should be removed from AUC accounts payable records and credited to the university revenue in accordance with this Unclaimed/UnmovedFundsPolicy.
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Unmoved Fund Policy, The American University in Cairo DRAFT– April 9th 2013
Who Approved This Policy
Executive Vice President for Administrationand Finance
Who Needs to Know This Policy
The entire AUC community.
Web Address for this Policy
Contacts
Responsible University Official: The AUC Controller
Responsible University Office: Office of the Controller
If you have any questions on the policy or procedure for the Unmoved Funds policy, you may:
- Call Mr. Samir Samy at 2303, or
- Send an e-mail to
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Unmoved Fund Policy, The American University in Cairo DRAFT– April 9th 2013
Definitions
Stale checksPeriod of limitation / Checks that were issued by AUC and held for a too long period of time (period of limitation) before being presented for payment. Abankisnotobligatedtopayastalecheck. It has been recommended to treat the stale checks as follows:
- To Void the Check by Debiting Bank and crediting Equity account through stale checks revenue account.
- If the Controller’s Office has to re-issue another check after voiding the old one, the Controller’s Office needs to process a reversal of the previous entry and to call vendors to collect their new checks
- Three years and half for checks withdrawn on Egyptian banks.
- Six months for checks withdrawn on non-Egyptian banks
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Unmoved Fund Policy, The American University in Cairo DRAFT– April 9th 2013
Policy/Procedures
Journal Entry for stale checks
DrBank A/C
Cr Unmoved Funds Revenue A/C
When the checks are being reissued to the party
Dr Unmoved Funds Revenue A/C
Cr Bank A/C
Forms/Instructions
General Journal Voucher. Found under Forms on the Controller’s webpage.
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Unmoved Fund Policy, The American University in Cairo DRAFT– April 9th 2013
Related Information
Other Disbursement policies and procedures found on the Controller’s Office webpage.
Appendices(optional)
Not applicable
History/Revision Dates
Origination Date: April, 18, 2013
Last Amended Date: October, 13, 2014
Next Review Date: Month, Day, Year
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